Illinois should take the hit and convert everyone to only a 401K plan now. If that is unaffordable, they should hit every state employee’s (exempting those already retired) pension whether they’re retiring in 5 years or 40 years.
They should look to Oakland County MI, run by L Brooks Patterson ( A conservative "R" ). in the 90's Brooks got the Union guys to go along with a 401a yes a cousin to the 401k and they have an A+ Bond Rating and they are North of Detroit. It is a great story especially juxtaposed to what occurred in neighboring Wayne County ( home of Detroit ) which is also in deep doo-doo BTW...